Top graph on the right: The top five single-family markets, by average selling price from July through September 2015. Bottom graph: The top five Greater Los Angeles Markets, with the most luxury homes sold from July to September 2015.
Los Angeles, Calif. – Sotheby’s International Realty today revealed Malibu Beach as the market with the highest average price of single family homes (SFH) in the Los Angeles luxury market ($3 million and higher), according to its September 2015 Third Quarter Greater Los Angeles Market Update. Overall, the sold prices of the beachfront properties, vineyards and ranches in Malibu Beach saw a 15 percent increase compared to the same period last year with an average sold price of $9,433,889 from July through September 2015. The Beverly Hills market ranked second with an increase of 28 percent versus last year to reach an average sold price of $9,428,750.
Released monthly with rolling three-month data, the Sotheby’s International Realty Greater Los Angeles Market Report is a comprehensive analysis of real estate market activity in the area across the top 33 markets to keep audiences up-to-date on trends at the macro and micro level for single-family homes and condominiums.
“The fact that Malibu Beach properties are increasing in price is quite profound, considering predictions of decrease amid the July 2015 initiative by LA County and the coastal commission to provide more public beach access near beachfront properties,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty’s Western Region. “There seems to be little hesitation from buyers or sellers to invest in the Malibu market as it still provides private beach access alongside public areas.”
In addition to the highest average selling prices, the top luxury markets that sold the most homes in total between July-September 2015 was also revealed, with Pacific Palisades as number one, followed by Santa Monica, Brentwood and Beverly Hills.